The portfolio expense ratio is the average of the expenses paid for the funds in the portfolio. It is asset weighted, i.e. the fund positions with the most weight in the portfolio have the most impact in the portfolio expense ratio. Non-fund positions such as stocks are assumed to have 0% expenses.
The average expense ratio is similar, but ignores the non-fund positions. For example in the figure above (from a portfolio with 50% stocks and 50% funds), the average expense ratio is 0.26% for the funds part of the portfolio, whereas the portfolio expense ratio is only 0.13% (half as much).
The estimated expenses is an annual estimate calculated as:
estimated expenses = portfolio expense ratio * portfolio value
Note that estimated expenses ($) are not shown for model portfolios since positions in model portfolios have no assigned value.
For each fund, Kwanti uses the expense ratio as reported in the fund's prospectus. These expenses include 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund.